“Two local developers are planning projects that would add hundreds of residential units to the already booming West Loop while repurposing unused commercial space.
“Skokie-based F&F Realty has proposed a 325-unit apartment complex at 1060 W. Van Buren St., with 111 units in the existing eight-story warehouse building on the site and an additional 214 in a new, 290-foot tower, according to 34th Ward Ald. Bill Conway’s constituent newsletter.
“Separately, Chicago real estate firm Base 3 Development wants to convert the vacant seven-story vintage building at 1220 W. Van Buren St. into 112 apartments, according to information shared at a community meeting in July.
“Both projects would be among the latest in a series of proposals that seek to capitalize on downtown Chicago’s steady rent growth while breathing new life into vacant or underutilized commercial buildings as demand for workspace has waned.
“Base 3 Development is the second company to take a stab at repurposing the building at 1220 W. Van Buren St. Another local real estate firm, The Missner Group, bought the building in 2016 from Oxxford Clothes after the suitmaker moved out. Missner planned to convert the property into loft offices but didn’t lease any of the space; the firm put the building up for sale in 2021.
“Butler said at the meeting that the developer plans to submit a zoning application in the fall. If the City Council approves the zoning change, permitting and construction is expected to begin in the first quarter of 2025, and the building would be ready for occupancy around spring 2026, Butler said.
“The project is a “compelling opportunity to reactivate what has been a vacant and dormant building,” she said at the meeting. (Herzog, Crain’s Chicago Business, 8/19/24)